China, HK shares jump on reform plans; commodities sector strong

lunes 12 de mayo de 2014 01:58 GYT

* HSI +1.7 pct, H-shares +1.7 pct, CSI300 +2.1 pct

* China's nickel firms jump after futures index surges

* Speculation of stamp duty changes spur HK developers

* Tencent up 4.7 pct, set for best day in a month

By Grace Li

HONG KONG, May 12 (Reuters) - China's pledge to push ahead with a broad range of capital market reforms and a surging commodities sector sent the CSI300 index to its highest in more than a month by midday on Monday.

China's State Council said late last week it would develop a system for direct bond issuance by local governments, streamline the approval process for initial public offerings (IPOs), and remove some restrictions on the use of financial derivatives.

New rules were also issued separately by the Securities Association of China governing IPOs.

Further steps in China's market liberalisation boosted sentiment although not all were convinced the rally could be sustained.   Continuación...